MarketView for November 22

Summary

The records they just keep on coming. Friday saw the Dow Jones Industrial Average hit a record high above 16,000. Both the Dow and the S&P 500 indexes recorded their seventh straight week of gains in what has been a very strong year for stocks. The seven-week advance comes just ahead of December, which since 1950 has been the best month for both the Dow and the S&P 500.

Shares of Biogen ended the day up 13.2 percent on heavy volume to $285.62 after the company won 10 years of exclusivity protection for its multiple sclerosis drug, Tecfidera, from regulators in Europe. European regulators also recommended approval of a new drug for hepatitis C from Gilead Sciences, which pushed its shares up 3.7 percent to $74.27. The S&P 500 healthcare sector index has gained 37.5 percent so far in 2013, making it the S&P 500's best-performing sector this year.

Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, said on CNBC that reducing the pace of the central bank's bond-buying program will be on the table at its December policy meeting. He added that monetary policy is likely to be very accommodative for some time.

Intel fell 5.4 percent to $23.87 and was the largest drag on the S&P 500 after analysts questioned whether the chipmaker can get higher-margin chips into tablets and smart phones, which are eroding sales of traditional PCs.

Comcast Could Enter the Fray

According to CNBC, Comcast is a potential bidder for Time Warner Cable. Comcast shareholders are encouraging management to consider a Time Warner Cable deal, sources told CNBC.

Apparently, Time Warner Cable prefers Comcast to be its acquirer. Meanwhile, Comcast is seeking advice on concerns by antitrust regulators and the Federal Communications Commission about a potential tie-up. At the same time, Charter Communications is also considered a potential buyer of Time Warner Cable, Reuters reported earlier this month.